Popular dog-themed crypto Shiba Inu (SHIB) has faced a significant price dip over the last few days. The asset is down by 12.5% in the weekly charts, 2.6% in the 14-day charts, and 26.2% over the previous week. Nonetheless, SHIB has maintained its yearly gains, rallying 137% since April 2023.
However, despite the recent correction, Shiba Inu (SHIB) might soon break into a massive rally. According to crypto analysis firm LunarCrush, SHIB has a bullish outlook based on a few factors.
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Firstly, LunarCrush notes that SHIB has witnessed an increase in social activity. Increased social activity means more people discussing the dog-themed crypto on social media. Secondly, the platform highlights the asset’s rising price action. Shiba Inu (SHIB) has witnessed a significant price spike over the last few months. LunarCrush also mentions SHIB’s growing market volume, which means more money flows to and from the project.
Will Shiba Inu (SHIB) hit a new all-time high?
SHIB is currently displaying very bullish signs. There is a possibility that the asset could hit a new all-time high very soon.
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According to CoinCodex, SHIB could surpass its all-time high of $0.00008616 in early May 2024. According to the platform, SHIB’s price may reach $0.00008902 on May 3, 2024. Reaching $0.00008902 from current levels would translate to a growth of about 232.91%.
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Changelly also anticipates SHIB to rally to new highs soon. The platform predicts SHIB to reach $0.00009293 on May 3, 2024. Reaching $0.00009293 from current levels would translate to a growth of about 247%. SHIB bullish outlook could be due to Bitcoin’s (BTC) halving later this month. Halving are considered bullish as they reduce the supply of an asset. BTC’s halving could trigger a market-wide rally, pumping most of the popular assets.
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